Question
What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..
294
likes1470 views
Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..
Fred
4.4120 Answers
Solution:
For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right) P=\frac{3300}{1+\left(0.027\right)\left(23\right)} P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54
Answer: $2,420.54
Frequently asked questions (FAQs)
Math question: Find the limit of (x^2 - 9) / (x - 3) as x approaches 3.
+
What is the missing angle in a triangle with one angle measuring 70° and another measuring 50°?
+
Question: What is the median of a set of numbers with 7 terms, starting with 3 and increasing by 5 each time?
+
New questions in Mathematics